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Bruce Bennett represents domestic and global financial institutions and other market participants on transactional and regulatory aspects of the global markets. He is the co-chair of the firm's Financial Services Group and a member of the firm’s Diversity and Inclusion Committee. Mr. Bennett's work spans capital markets and futures and derivatives markets, including regulatory matters involving the SEC, FINRA, the CFTC and banking regulators. He also leads the firm’s efforts in representing issuers of convertible notes and other equity-linked products in entering into call spread and other equity derivatives hedging transactions.
- A number of issuers in structuring, negotiating and executing equity derivatives transactions to hedge convertible or exchangeable notes issuances, including three recent transactions for IAC/InterActiveCorp.
- A major financial institution and several trade associations for financial institutions and asset managers in connection with the treatment of non-deliverable forward transactions under the Dodd-Frank Act.
- A major financial institution in restructuring its trading and markets operations under the Securities Exchange Act.
- A variety of domestic and international banks on compliance with the Volcker Rule and other aspects of the Dodd-Frank Act.
- Major financial institutions in antitrust class actions alleging manipulation of various benchmarks (including LIBOR, FX and ISDAFix) and in various enforcement matters, including relating to trading in U.S. Government Securities.
- Major financial institutions in a variety of financings and internal restructurings.
- UBS AG in connection with the failure of the auction rate securities market.
- A coalition of Foreign Exchange Intermediaries in obtaining and implementing CFTC relief under Dodd-Frank provisions relating to derivatives, permitting continuation of their business operations.
- The Board of Directors of the Securities Investor Protection Corporation in connection with the SEC’s efforts to compel SIPC to provide coverage to victims of Allan Stanford’s ponzi scheme.
- The American Bankers’ Association in its successful litigation challenging the application of the Volcker Rule to Trust Preferred Collateralized Debt Obligations.
- The Bond Market Association (prior to its merger with the Securities Industry Association to create SIFMA) in commenting on and implementing the SEC’s Securities Offering Reform in 2005.
Memberships and Affiliations
- The Constitutional Sources Project, National Advisory Board Member
- Member, International Institute for Strategic Studies
- Past Member of the New York City Bar Banking Law Committee, Securities Regulation Committee, and Financial Reporting Committee
- Past Chair of the Board of Trustees and Past President, SEC Historical Society
Previous Experience
- General Electric Capital Corporation, Associate General Counsel - Treasury (1992-1998)
White Paper: Judicial Opinions on the Trust Indenture Act of 1939
April 25, 2016
The recent decisions of the United States District Court for the Southern District of New York in the Marblegate and Caesars Entertainment cases contain language that suggests a significant departure from the widely understood meaning of TIA Section 316(b) that has prevailed among practitioners for decades. These cases have introduced interpretive issues that ...
Transatlantic FX Trading - Key Comparisons Between Europe and the United States
June 2015, 2015 Fixed Income Leaders Summit
April 12, 2014, PBS
Bruce Bennett was interviewed for this piece.
June 3, 2020, Covington Alert
On May 27, 2020, the Federal Reserve Bank of Boston ("FRBB") posted a number of documents that provide important additional details about its Main Street Lending Program ("MSLP"), including updated FAQs, new required agreements and forms, and new lender and borrower guides. The following summary highlights key FAQ changes and summarizes each of the new MSLP ...
June 1, 2020
LONDON —John Ahern has joined Covington’s Financial Services Industry Group in London as a partner. With more than 30 years of experience in UK, European, and Asian financial markets, Mr. Ahern helps banks, multilateral trading facilities, broker-dealers, asset managers, and investment advisors solve their regulatory challenges. He offers clients deep knowledge ...
May 4, 2020, Covington Alert
On May 4, 2020, the Federal Reserve Bank of New York (the “FRBNY”) released an updated series of Frequently Asked Questions (“FAQs”) regarding two of the Federal Reserve’s liquidity facilities established to provide financial assistance to businesses impacted by the COVID-19 pandemic: the Primary Market Corporate Credit Facility (“PMCCF”) and the Secondary ...
May 1, 2020, Covington Alert
Yesterday, April 30, 2020, the Board of Governors of the Federal Reserve System announced important changes to the Main Street Lending Program (the “Program”) that it had introduced on April 9, 2020. The changes reflect further information and clarification with respect to the terms and conditions of the Program and address, at least in part, feedback that the ...
April 23, 2020, Covington Alert
As the Paycheck Protection Program (“PPP”) is about to re-open following passage of a bill that will provide additional $310 billion in funds to the program (including funds reserved for loans by certain small and mid-sized lenders), the rules of the Small Business Administration (“SBA”) that prohibit or restrict loans to the small business ventures of bank ...
Lawyers pick holes in Libor statutory fix
April 17, 2020, Risk
Bruce Bennett spoke with Risk about legislation designed to switch financial contracts referencing U.S. dollar Libor to a replacement benchmark, which aims to provide immunity from litigation for contracts that are forcibly shunted on to the preferred alternative benchmark, the secured overnight financing rate (SOFR), plus a fixed spread to make up the ...
April 9, 2020, Covington Alert
Today, the Board of Governors of the Federal Reserve announced the creation of four new liquidity facilities and the expansion of three previously announced liquidity facilities to provide credit to borrowers impacted by the COVID-19 pandemic. Whereas the previously announced programs primarily targeted certain financial markets and their participants (such as ...
March 25, 2020, Covington Alert
The U.S. Congress appears close to finalizing the scale and scope of stimulus legislation to address the economic crisis caused by the COVID-19 pandemic. Although its final shape remains uncertain, it is highly likely to provide for one or more lending programs, loan guaranty programs, and other financing programs administered by the federal government to direct ...
March 24, 2020, Covington Alert
On March 23, the Board of Governors of the Federal Reserve System (the “FRB”) announced the latest in a series of extraordinary actions intended to help mitigate the impacts of the COVID-19 pandemic on the U.S. economy. Unlike the measures announced last week – which mostly involved re-establishing emergency programs that were used during the 2008–09 financial ...
March 19, 2020, Covington Alert
Yesterday, on March 18, 2020, the Board of Governors of the Federal Reserve System (“Board”) announced the creation of a Money Market Mutual Fund Liquidity Facility (“MMLF”) to provide liquidity support to money market mutual funds (“MMMFs”) by facilitating their sale of certain assets in order to meet redemption requests. Under the MMLF, the Federal Reserve ...
March 18, 2020, Covington Alert
Yesterday, on March 17, 2020, the Board of Governors of the Federal Reserve System (“FRB”) announced the creation of a Primary Dealer Credit Facility (“PDCF”) to provide a liquidity backstop to primary dealers of the Federal Reserve Bank of New York (“FRBNY”), which include the nation’s largest broker-dealers. The PDCF will provide short-term loans to primary ...
March 17, 2020, Covington Alert
Today, on March 17, 2020, the Federal Reserve provided a backstop of commercial paper ("CP") in the form of a Commercial Paper Funding Facility (“CPFF”) that establishes a special purpose vehicle (“SPV”) to acquire eligible CP directly from eligible issuers. The CPFF will provide liquidity to CP issuers that may otherwise face issues rolling over their CP in ...
Federal Reserve Takes Extraordinary Actions Supporting Financial Markets to Mitigate COVID-19 Impact
March 16, 2020, Covington Alert
Yesterday, on Sunday, March 15, 2020, in response to the COVID-19 pandemic’s impact on U.S. and global economic activity, the Federal Reserve’s Federal Open Market Committee (“FOMC”) cut the target range of the federal funds rate to 0 to 1/4 percent until such time as the FOMC is “confident that the economy has weathered recent events and is on track to achieve ...
February 3, 2020, Covington Alert
At an open meeting on January 30, 2020, the Commodity Futures Trading Commission (“CFTC”) voted 3–2 to approve a proposed rule that would impose federal position limits on derivatives. The proposed rule, if finalized, would prevent excessive speculation while allowing bona fide hedgers in agricultural, energy, metals, and other commodities markets to hedge risk ...
January 2020, The Banking Law Journal
August 27, 2019, Covington Alert
On August 20, 2019, the Board of Directors of the Federal Deposit Insurance Corporation (the “FDIC”) approved a final rule (the “final rule”)1 that will significantly revise existing regulations implementing the Volcker Rule – a statutory provision that generally prohibits banking entities from engaging in proprietary trading or taking an ownership interest in, ...
December 3, 2018
BRUSSELS—Alexis Lautenberg has joined Covington’s Public Policy practice as a Senior Advisor. Ambassador Lautenberg is a long-serving Swiss diplomat whose career has been focused on European financial services and trade policy. His forty years of public service included postings as Swiss Ambassador to the EU, Italy and the UK. In 2013, he co-founded the Swiss ...
July 25, 2018, Cov Financial Services
In response to questions from a Member of the European Parliament, the European Data Protection Board (EDPB) has provided much needed clarification on the overlap between the General Data Protection Regulation (GDPR) and the EU Payment Services Directive (PSD2) in an open letter. As we identified in a previous blog post on this topic, the...… Continue Reading
July 24, 2018, Cov Financial Services
Blockchain technology has the potential to revolutionise many industries; it has been said that “blockchain will do to the financial system what the internet did to media”. Its most famous use is its role as the architecture of the cryptocurrency Bitcoin, however it has many other potential uses in the financial sector, for instance in...… Continue Reading
April 24, 2018, Covington Alert
On Wednesday, April 18th, the SEC introduced a much-anticipated package of proposed rules and formal guidance concerning the standards of conduct for financial professionals. The more than 1,000-page proposal, which emerged eight years after Congress required the agency to conduct a study on the topic, addresses whether investment advisers and broker-dealers ...
March 16, 2018, Cov Financial Services
The Payment Services Directive (PSD2), which took effect on January 13, 2018, puts an obligation on banks to give Third Party Providers (TPPs) access to a customer’s payment account data, provided the customer expressly consents to such disclosure. The new legislation is intended to improve competition and innovation in the EU market for payment services....… ...
September 13, 2017, Covington Alert
The universe of those covered by the SEC’s pay-to-play restrictions is expanding. If a newly proposed SEC rule is adopted as expected, pay-to-play restrictions will now extend to cover the recently created class of broker-dealers called Capital Acquisition Brokers (“CABs”).
August 29, 2017, Cov Financial Services
The U.S. Commodity Futures Trading Commission (the “CFTC” or the “Commission”) has been very active since the beginning of this year, despite the change in Presidential Administration, the lack (until recently) of appointed Commissioners, and the turnover of leadership at both the Commission and Division level. Notably, the Commission has announced over 20 ...
August 28, 2017, Covington Alert
The U.S. Commodity Futures Trading Commission (the “CFTC” or the “Commission”) has been very active since the beginning of this year, despite the change in Presidential Administration, the lack (until recently) of appointed Commissioners, and the turnover of leadership at both the Commission and Division level. Notably, the Commission has announced over 20 ...
February 3, 2017, Law360
Bruce Bennett is quoted in a Law360 article providing tips for British banks under the Trump Administration’s approach to financial reform. Commenting on the full repeal of Dodd-Frank, Bennett says, “[it] would be very difficult for a variety of reasons.” He adds, “Our sense is, in the overall hierarchy of priorities the new president has, this isn’t at the ...
November 15, 2016, Cov Financial Services
On November 8, 2016, American voters elected Republican Donald J. Trump as President. In addition, Republicans maintained control of the House of Representatives and the Senate. As the campaign rhetoric fades into the background over the coming weeks and months, the business of transitioning to a new administration will begin in earnest. The results of...… ...
November 14, 2016, Covington Alert
On November 8, 2016, American voters elected Republican Donald J. Trump as President. In addition, Republicans maintained control of the House of Representatives and the Senate. As the campaign rhetoric fades into the background over the coming weeks and months, the business of transitioning to a new administration will begin in earnest. The results of the ...
August 30, 2016, Covington Alert
As election season enters full swing, with political candidates at all levels actively soliciting campaign donations from individuals and companies, it is an ideal time for all companies to review the policies and procedures in place for political donations. While the SEC’s pay-to-play rules governing registered investment advisers and their “covered associates” ...
Covington Represents MRCT in Royalty Monetization Deal
July 15, 2016
NEW YORK—Covington advised Medical Research Council Technology, a UK-based independent life science medical research charity, in its sale of a portion of the royalty stream associated with its cancer drug Keytruda® for $150 million (£115.6 million). Keytruda® (pembrolizumab), is a new generation treatment which stimulates the body’s immune system to fight ...
June 3, 2016
NEW YORK—Covington advised Beltone Financial Holding, a leading Egyptian investment bank, in its acquisition of 51 percent of Auerbach Grayson & Company, a New York brokerage firm specializing in global trade execution and research on developed, frontier, and emerging markets for U.S. institutional investors. This acquisition marks Beltone Financial’s entry into ...
Former DG COMP State Aid Official Sophie Bertin Joins Forces With Covington's EU Competition Practice
April 20, 2016
BRUSSELS — Sophie Bertin, a former senior official who served as Head of Unit in the “Financial Crisis” Task Force within the Directorate-General for Competition at the European Commission, has joined forces with Covington’s global antitrust and competition practice. Ms. Bertin will be working with the firm’s Brussels and London offices. At DG COMP, Ms. Bertin ...
EMIR: Incomplete Reports Will Be Sent Back, Creating Costs and Other Burdens for Counterparties
July 28, 2014, Covington E-Alert
November 20, 2013, Covington E-Alert
April 17, 2013, Covington E-Alert
January 2, 2013, Covington E-Alert
Market Risk: Protecting Your Bank in a Volatile World
September 27, 2012, Bank Director Boardroom Focus on Risk Conference
July 27, 2012, Covington E-Alert
April 2, 2012, Covington Advisory
February 9, 2012, Covington E-Alert
January 9, 2012, Covington E-Alert
JOBS Act: The Benefits and Drawbacks of Going Private
2012, Bank Director
Bruce Bennett was interviewed for this article.
June 2011, Financier Worldwide
April 26, 2011, Covington E-Alert
Primary Markets
September 28, 2010, SIFMA Fixed Income Legal & Compliance Conference
June 24, 2010, Covington E-Alert
Foreign Private Issuers: Deregistration Roadmap and US Securities Law Update
October 12, 2007, Organization for International Investment 2007 General Counsel Conference
Current Primary Market Issues
June 2007, Panel Moderator, Securities Industry and Financial Markets Association's 12th Annual Fixed Income Legal & Compliance Conference
Current Primary Markets Issues
February 2006, The Bond Market Association's 11th Annual Legal and Compliance Conference, New York
Securities Offering Reform Implementation Seminar
October 2005, Panelist and Moderator, The Bond Market Association
July 26, 2005, Covington Advisory
In re Worldcom, Inc. Securities Litigation: Due Diligence for Underwriters and Directors
March 7, 2005, Covington Advisory
The SEC's Securities Offering Reform Proposal
February 2005, The Bond Market Association's Annual Legal and Compliance Conference
- BTI Client Service All-Star (2019)
- The Best Lawyers in America, Derivatives and Futures Law (2011-2019); Securities/Capital Markets Law (2011-2019); Securities Regulation (2012-2019)
- Legal 500 US, Tax - International (2017); Capital Markets: Equity Offerings (2013-2015); Capital Markets: Debt Offerings (2013-2014) Financial Services: Regulatory (2013, 2016)